Country | Margin Trading | Futures / Perps | Options | Leverage Tokens | Notes |
United States (IRS) | Gains/losses taxable; margin interest deductible as investment expense | Section 1256 contracts (regulated futures/options) get 60/40 split; crypto futures often treated as standard capital gains | Premiums paid = cost basis; expired options = capital loss | Treated as spot asset disposals | IRS has not issued explicit crypto derivatives guidance; applying general rules |
United Kingdom (HMRC) | Treated as capital disposals; margin interest may be deductible | Futures and options usually capital gains; some cases may fall under income tax | Options: gains/losses taxable on disposal or expiry | Treated as tokens; disposals taxable | HMRC considers contracts case-by-case |
Canada (CRA) | Gains/losses taxable as capital gains or business income depending on intent | Futures/options may be capital or income depending on activity | Options premiums included in adjusted cost | Leverage tokens treated as commodities | CRA guidance applies commodity principles |
Germany | Gains/losses taxable as capital income | Futures/options taxable; offsetting limited | Options taxable when exercised or expired | Treated as crypto assets | Derivatives rarely exempt under 1-year rule |
Spain | Gains/losses taxable as capital gains | Futures/options gains taxable | Options taxable on exercise/expiry | Tokens taxable on disposal |
|
Italy | Taxable as capital income | Derivatives gains taxable | Options taxable | Leverage tokens taxable |
|
Ireland | Treated as capital gains | Futures/options gains taxable | Options taxable | Tokens taxable |
|
India | All crypto derivatives taxed at 30% flat rate (VDA) | Same | Same | Same | No loss offsets allowed |
Japan | Gains/losses taxed as miscellaneous income | Futures/options taxable as income | Options taxable | Tokens taxable | Strict reporting; income tax up to 55% |
South Africa | Taxable as capital or income depending on intent | Futures/options taxable | Options taxable | Tokens taxable | SARS applies case-by-case |
Australia (ATO) | Taxable as capital gains or income depending on activity | Futures/options taxable; contracts may be treated as CGT or ordinary income | Options taxable | Tokens taxable | ATO distinguishes investors vs traders |
New Zealand | Taxable as income if acquired for resale | Futures/options taxable | Options taxable | Tokens taxable | IRD applies intent-based test |
✅ Use this guide alongside AT103 – How Netrunner Handles Margin, Futures & Derivatives for jurisdiction-specific insights.